Cadence Minerals PLC Macarthur & Jin Sung Intl - Strategic Agreement (0037C)
15 Junio 2021 - 11:09AM
UK Regulatory
TIDMKDNC
RNS Number : 0037C
Cadence Minerals PLC
15 June 2021
Cadence Minerals Plc
("Cadence Minerals", "Cadence")
Macarthur Minerals (TSX-V: MMS) (ASX: MIO) Signs Strategic
Co-Operation Agreement With Diversified Conglomerate Jin Sung
International.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the "Company" or
"Macarthur") has signed a Cooperation Agreement ("Agreement") with
diversified Singaporean-based conglomerate Jin Sung International
Pte Ltd ("Jin Sung"), paving the way for a potential strategic
investment into Macarthur's iron ore and non-iron ore assets.
Established in 1967, the Jin Sung Group is a large, diversified
producer of construction products with a procurement and trading
business. Jin Sung is headquartered in Singapore and has
diversified interests in a range of producing businesses and is
also involved in the procurement and trading of coal, clinker,
aggregate, molybdenum concentrate, copper cathodes, gold and
silver. Jin Sung is now partnering with Macarthur under a
non-binding Co-operation Agreement to explore the potential to
bring high grade iron ore and battery minerals into its diverse
portfolio of investments.
The Jin Sung Group's interests had a total sales turnover of
some USD700 million in 2020. The majority of the Group's 2020
turnover was attributable to its construction interests,
predominantly in concrete products which have formed an integral
part of a post Covid-19 infrastructure-led recovery. The Group's
significant international operations are focused in south-east
Asia, and include Korea, Singapore, Malaysia, Indonesia, Vietnam,
Myanmar and Bangladesh.
The non-binding Cooperation Agreement sets out the terms and
conditions upon which the Parties intend to progress discussions on
the development of a transaction involving a strategic equity
investment in Macarthur's iron ore and non-iron ore assets (at the
project level). Following completion of further due diligence, a
strategic investment into Macarthur by Jin Sung would be subject to
the execution and closing of definitive transaction
documentation.
The Agreement also facilitates a continuation of potential
investment discussions between Jin Sung and Infinity Mining Limited
with respect to Macarthur's Australian non-iron ore assets
following a successful spin-out of those assets on into that entity
and its intended listing on ASX later this year (see the Company's
recent announcement regarding the Infinity Mining Limited
transaction dated 11 June 2021).
A potential transaction between the parties may take the form of
a strategic equity investment by Jin Sung into Macarthur's iron ore
assets or non-iron ore assets, or provision of direct project
financing.
Mr Jung Sung Chun, Director of Jin Sung commented: "We are very
glad to have established a long-term perspective 'win-win'
partnership with Macarthur Minerals through the Signing Ceremony
for the Cooperation Agreement, and we look forward to deepening our
strategic relationship with them."
Richard Moon, General Manager, International Sales &
Marketing for Macarthur Minerals commented: "Macarthur has worked
collaboratively with Jing Sung's management over several months,
and this Agreement represents a material step forward in the
relationship between our two organisations. Jin Sung has a
significant business presence in Korea as well as Southeast Asia
and I have been particularly pleased to have led the development of
this engagement for Macarthur over here in Seoul."
Andrew Bruton, CEO of Macarthur Minerals commented: "Macarthur
is very pleased to be co-operating with Jin Sung. We look forward
to building a strategic relationship with them into the future and
to working with them on a mutually beneficial investment as the
Company' exciting transition into production continues."
The full announcement can be viewed here:
https://finance.yahoo.com/news/macarthur-signs-strategic-co-operation-120000786.html
Cadence Minerals Holding in Macarthur
Cadence holds approximately 1% of the issued equity interest in
Macarthur, which is an Australian mining exploration company
focused primarily on iron ore, nickel, lithium and gold in Western
Australia. It also has a lithium project in Nevada, USA.
This news release is not for distribution to United States
Services or for Dissemination in the United States.
- Ends -
For further information: Cadence Minerals plc +44 (0) 7879 584153
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD
& Broker) +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Novum Securities Limited
(Joint Broker) +44 (0) 207 399 9400
Jon Belliss
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the
information contained in this announcement. Kiran holds a Bachelor
of Engineering (Industrial Geology) from the Camborne School of
Mines and an MBA (Finance) from CASS Business School.
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Minerals Plc's future growth results of operations performance
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and sources of funding thereof) competitive advantages business
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Minerals. Although any forward-looking statements contained in this
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reasonable assumptions. Cadence Minerals Plc assure investors that
actual results will be consistent with such forward-looking
statements.
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